tv The Daily Rundown MSNBC February 9, 2010 9:00am-10:00am EST
"morning joe." time to talk about what we learned today. mike, what did you learn? >> i learned that there are some spectacular photos in "the new yorker" magazine, well worth taking a look at. >> what did you learn? >> terry mcauliffe, happy birthday. he e-mailed, he said he's 53, but feels like 25. >> i bet you do, terry mcauliffe. and i learned that bill salmon wasn't talking about chuck todd, perhaps david remnick. who, not a big fan of sarah palin, we found out, very shocking. "the new yorker" editor, i would have never guessed that. it was great, though. that civil rights issue in "the new yorker" this week, make sure you get it. mike barnicle, if it's way too early, what time is it? >> well, i'll tell you, it's time for "morning joe." it's also time for chuckles and savannah. >> that's just wrong.
no time to dig out before the next big one hits. the mid-atlantic about to be on the business end of another major storm. and toyota's troubles deepen. new allegations that the company and the federal government knew about these problems three years ago. and a brand-new recall this morning puts the brakes on the very popular prius. it's february 9th, 2010, i'm chuck todd. >> i'm savannah guthrie. let's get right to the rundown. we'll start here. a bad weather situation about to get much worse and it could affect travelers around the country. the federal government is closed for a second day. and with many streets still not plowed, power still out for thousands, another huge storm is bearing down on us. let's get right to nbc's tom costello. tom, how bad is this going to be? >> reporter: it's going on bad! >> okay! >> reporter: i'm sorry. you know, you get -- you get a little slap happy.
i've got my yardstick, right? right on the national mall, i've got 17 inches. but as you and i know, at our homes, it's more like 30 inches. you add a foot to that, and it's going to be more armageddon or snowmageddon or snowpocalypse, or whatever they're using these days. the federal government is closed, schools are closed. we still have homes without heat or electricity. so far for this season, d.c. has had 41.5 inches of snow. that's the third snowiest on record. second place is 46 inches. we're going to beat that easily. we have to go to 54 inches to make this the biggest year ever for snowfall and we could well do that. and that was back in the late 1800s. philadelphia is also having a huge year for snow. and baltimore. i mean, you name the city, up and down the east coast, until you get to about the new jersey line. but we are expecting more snow, more cancellations. i wouldn't be surprised if these
guys behind me don't go to work at all this week. back to you guys. >> wow. >> well, we'll be here. >> tom costello, thanks very much. and of course, everyone that's traveling today ought to check, because of all the east coast airports, all three airports in this area, the baltimore airport, philadelphia, all already experiencing some delays and cancellations and it could get much worse. moving on, toyota is pulling nearly half a million, 500,000 cars off the road. this morning, toyota announced it is recalling 437,000 of its hybrids around the world. mainly those 2010 prius models built before january of this year. this time, it's not the accelerator but the brakes causing the problems. drivers have complained that on slick surfaces, the brakes don't respond right away. well, in a statement released very early this morning. the president, akio toyoda said, "we will redouble our commitment to quality as the lifeline of our company. with myself taking the lead, all
of us at toyota will tackle the issue in close cooperation with our dealers and with our suppliers. together, we will do everything in our power to regain the confidence of our customers." the problem with brakes comes as "the washington post" reports that state farm, the united states' larger auto insurer began warning federal regulators about the cellulaccelerator pro on toyota vehicles as early as 2007. savannah, that means the government knew in 2007, that means toyota knew in 2007. there's going to be a lot of questions and this thing is beginning to head the congress. you'll see some hearings on this and it's going to bring a lot of questions about should the government have been more proactive earlier. a lot of questions out there. and it's going to have people from the previous administration up there as well as the current one. >> and in the meantime, a new recall to worry about. well, on capitol hill, flags will fly at half-staff today to honor longtime pennsylvania congressman jack murtha. murtha died yesterday from surgery complications. he was the first vietnam veteran to serve in congress and had represented southwest
pennsylvania's 12th district since 1974. murtha was 77 years old. the gamesmanship on capitol hill over health care is kicking into overdrive, now that the president has invited them to a live televised negotiation session. republican leaders are challenging him to dump any plans to, quote, jam through health care if he really wants to be serious about bipartisanship. so nbc's kelly o'donnell, who is on capitol hill this morning for us. kelly, there was an exchange of letters yesterday between house republicans and the white house, sort of trying to set the parameters of this negotiation. how much of this is real, that they could walk away and say, i'm not coming. and how much of this is pure gamesmanship? >> reporter: well, i think at this point if we measure it, it is about the pre-negotiation before the party should begin. if anyone thought that the idea of the president inviting republicans and democrats to the white house seemed very polite and very nice, well, now's the sort of nitty-gritty part. the top two republicans on the house side have sent a letter to
the president's chief of staff, saying, basically, they believe republicans would be reluctant to attend if the president didn't commit to sort of starting over on health care. and starting over has been a buzz phrase for republicans. they want him to eliminate the option of what we call reconciliation, which will be a fast track 51-vote method to get health care through. they say that would be a sign of good faith, that their ideas would actually be considered. well, as you can imagine, when you invite people to the white house and they respond with a terse letter, the white house was not too pleased. and so robert gibbs and kathleen sebelius have both spoken out. she, of course, the secretary of health and human services, saying the president is adamant about not resetting on the whole legislative agenda for health care, but is open to ideas and does want to meet with republicans. so by the time it actually rolls around, it would be very difficult for republicans not to attend, but they certainly want to try to position themselves beforehand, because it would be the president's home turf. the majesty of the white house.
he would have the sort of subconscious upper hand, and they want to position themselves now and make their issues known. so it really is one of those things where we're measuring the words and the tone and we'll be doing that until they actually hold this thing. chuck, savannah? >> well, kelly, on to perhaps greener pastures for bipartisanship. what about the jobs bill? i know the democratic leaders are going over to the white house today to plot strategy with the president. harry reid, as you know, said this will be a bipartisan bill. how's that going? >> reporter: well, one of the things they'll try to do is introduce tax cuts, which are usually a republican favorite. trying to stimulate small businesses, to help them hire and, therefore, they'd be getting some tax cuts. that's the kind of idea where they think they can get bipartisan support. the trouble will be the cost, the specifics. we haven't seen those details yet. what would this mean in scope? and those are the tough things. it always comes down to one great idea, but then how do you actually get it done? so those conversations will be important, but democrats say they really do want to reach out
to republicans. we'll have to watch and measure it as we go. >> all right. nbc's kelly o'donnell on the hill for us again this morning. thanks. to the international front. iran, once again, front and center, announcing it is ramping up enrichment of uranium, making the u.s. push for sanctions all the more urgent. nbc's tehran bureau chief, ali arouzi is with us now. ali, what exactly did iran say it would do here? >> reporter: that's right, savannah. iran has seriously upped the ante. today they say they've started the process of enriching uranium at 20%. they also announced they're going to open ten further uranium enrichment facilities, an expansion move that's likely to fan the blames of tension with the west and seriously up the ante in the nuclear standoff. how far, the iranians said if the west provides iran with 20% enriched uranium, they will stop enriching their 20%, but that's a move that seems very unlikely. savannah?
>> ali, very quickly, can you tell us what the anniversary is going to be like in the next couple of days in iran, what we can expect to see, hear on our television screens? >> reporter: well, there's been a lot of anticipation for the 11th of february on thursday. the writing is metaphorically and literally all over the walls in tehran. people are squaring up for a big confrontation with the government on the 11th. but the authorities in iran have issued very serious threats to anybody who wants to come out. they've said they're going to crack down very hard on people and they've also started to beef up security. we're seeing massive security presence across iran and we're hearing stories that members of the basij are being bused in from the rural areas to keep control of the city for the 11th of february. nonetheless, i think both sides are squaring up for a big confrontation. >> ali arouzi in tehran for us this morning, thanks very much.
now to wall street, where the dow is hitting the kind of milestone no one wants to see. it will open below 10,000 for the first time in three months. cnbc's steve liesman joins us this morning. steve, is this all about europe, all about the eu and what happened in greece, or is something more going on again? >> yeah. i think a piece of it was from greece, chuck. and also, we had some disappointing numbers. as you know, we had that confusing payroll report, which caused the dow to sell off sharply on friday and then kind of come back and yesterday was a bit up. looks like we'll open to the plus side this morning. the futures are certainly better. we had pretty good mcdonald's numbers. and coca-cola came out with pretty good earnings. we also had a report from small business which showed, they're still depressed out there in small business land, but they're getting a little less depressed. we had a 1.3 rise, and i think the key to that is the index is back to where it was in september of 2008, before the financial crisis.
so we've sort of slogged our way back to that point, where the pessimism amongst small businesses is where it was, just during the recession, not during the recession and financial crisis. so it's not necessarily great news, chuck, but it's not that bad. >> good bad news. >> good of you to say that, steve liesman. we'll talk to a money manager a little bit later on for anybody that's freaking out. cnbc's steve liesman, thank. >> let's go to vancouver now. the winter olympics just three days away, but about that winter part, there's not enough snow there. crews have been working around the clock, actually trucking in the snow, because the city's had such a mild season. nbc's ron mott is in vancouver, very early for us this morning. >> take our snow! >> ron, we have snow. >> reporter: you have snow and you will become instant heros with if you can crate it here.
the weather has been incredible here for spring. january was the mildest january in the history of records here in vancouver. so that's not necessarily good news for cypress mountain, which is about a 10, 15, 20-minute drive north of the city where they're holding freestyle skiing and snowboarding. there's simply not enough snow up there. organizers are tired of hearing about this story. it's dominated the headlines over the past weak. yesterday, the president of the international olympic committee said there is no plan "b" here. they will hold the event starting saturday at cypress. they'll do all they can to make sure those athletes have enough snow to do all the thing they need to do. they'll start using chemicals on the snow later in the week, but the snowpack is only 36 inches. for all you skiers, that's not a lot of snow. by comparison, whistler mountain, which is much further north than us, has a snowpack of nine feet. the conditions are ideal there. not so much at cypress, but they contend the games will go on there. >> well, the games have to go on. we've got to see it. >> ron, just curious, what time
is the there now? >> reporter: it is just a little past 6:00 a.m. it's not so bad. >> that's not so bad. >> a lot of people are up on the west coast. good morning all west coast. the west coast of canada and the west coast of america. thank you, ron. >> talk to you soon, i hope. still to come in "the daily rundow rundown", as iran accelerates its nuclear program, can the u.s. get world leaders unified behind new sanctions? we'll talk to a man who's been there, ambassador nicholas burns, the former chief u.s. negotiator with iran. he'll join us live. and later, what pushed insurance giant aig over the edge and into the arms of american taxpayers? but first, a look ahead at the president's schedule. you're watching "the daily rundown" right here on msnbc. ♪ ♪ [ male announcer ] you've wanted to quit smoking so many times, but those days came and went
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so how close is iran to build a nuclear bomb? today, iran says it is ratcheting up its enriching of uranium to higher levels than ever before. >> it's a step many in the west could lead to the production of weapons grade uranium needed for a nuclear bomb. and it ratchets up the pressure on the obama administration to get the world, in particular, china, behind tough sanctions. ambassador nicholas burns spent 27 years in the u.s. foreign service, from 2005 to 2008 he was america's lead negotiator on iran's nuclear program. he is now professor of diplomacy and international politics at the harvard kennedy school. and he joins us from boston this morning. sir, i guess my first question is, for a lay audience, explain the significance of iran's announcement that it will now enrich uranium to 20%. how close does that get it to weapons grade uranium that we would really worry about? >> well, it's a disturbing development in tehran.
i think it just shows that the ahmadinejad government is not at all serious about negotiations with the u.s. and other countries. it may be very much distracted by its own opposition, the growing opposition to its rule in iran itself. it may be trying to create a diversion, a conflict with the west that might rally some of the iranian people towards them. i don't think iran is on the verge of this capability, but it's alarming that iran continues to enrich uranium at a higher grade. it gives it a greater capacity. so we've got to pay attention to this. and i think that president obama has been on the right track for a long time in telling the rest of the world that if iran fails to negotiate, it needs to be sanctioned by the international community, and specifically, by the united nations. >> well, ambassador, it seems as if the obama administration is signaling just that. this is what defense secretary robert gates is quoted as saying in "the new york times" this morning. he's in paris, by the way, right now. he said, "all of these initiatives have been rejected.
he says, the only path that is left to us, at this point, it seems to me, is that pressure track, but it will require all of the international community to work together." we had been told for weeks, frankly, not months, that we were on sort of three tracks. right, the u.s. was still doing the dialogue with iran, but also trying to negotiate sanctions, sort of have them ready to go. now, dialogue, gates basically says it's over. is it all about trying to see how strong of sanctions you can get against iran now? >> i think it is. president obama made a very good faith effort over the last 12 months to negotiate, chuck. you know that. he offered several times to have his people sit down with the iranian. he did that in concert with the european powers, china and russia, and those talks have been rejected by tehran. the only move left, because clearly the obama administration, and quite rightly, does not want to resort to military force. we don't need a third war in the
greater middle east. the only move left is towards sanctions. the key question there will be, we know the europeans will be the united states on sanctions. it may be that the russians are now sufficiently frustrated that they will join sanctions. will china do some? because china has become the leading trade partner with iran, as the europeans have pulled back over the last few years from economic involvement. and china's a country that has, frankly, a commerce-led mercantilistic foreign policy. china cares about the bottom line, it cares a about its investments. china needs to give something up so the rest of the world can have effective sanctions against iran. i think that's the key question. >> ambassador, explain how israel plays into all of this and the concern on the part of u.s. officials that if they are not satisfied with the track or the sanctions, that they may take matters into their own hands. >> well, i think given the threats that president ahmadinejad has made against the israelis, the israelis have to take that seriously. and given israeli history and
jewish history, one can certainly understand and be very sympathetic with the concerns that the israelis have. but i think, though, that israel has been signaling for a couple of months now that it understands that the smarter policy now for all of us is to continue to try to negotiate, but if that's not going to be possible, and it looks like it won't be now, to sanction. that the u.s. and israel and others will be stronger if we can get more countries to back these sanctions. so i think there's very little reason to think or to fear that there's going to be a war between israel and iran in the short-term. and i think it's very important that the israels allow the obama administration to take the lead here and to galvanize the support of all the rest of the international community towards sanctions, if that's going to be possible. >> ambassador, forgive me for my ignorance on this, but aren't there already some sanctions in place against iran now? and why do we think more sanctions will work? or is this simply yet another stepping stone to potentially, if they don't get off this track, then it's a -- then we --
then there's a last resort here, which is military action. >> chuck, you're absolutely right. the bush administration negotiated three u.n. security council sanctions between 2006 and 2008 against iran with the help of russia, china, and the international community. i think there's a strong feeling that what you need right now is a combination of sanctions to show the iranians how isolated they are, the iranian government, and to inflict some economic pain on that government, particularly the revolutionary guards, in the hope that, perhaps, iran would then come back to negotiate at some later point in 2010. that's the effective strategy. there's really -- there's no case to be made in my judgment for war here. there's no rationale for a military strike, because it wouldn't resolve the major problem. and it would likely produce a wider war in the middle east. so i do think the obama administration has to focus now on the sanctions negotiation strategy, and that's where you see it headed in the next month or two. >> all right.
ambassador nick burns, a man who has been there. thank you for your perspective this morning. hope you'll come back. >> thank you. coming up next, jay leno gets ready to take his final bow in prime-time. >> sort of. >> prime-time. and plus in today's 2010, the death of john murtha sends democrats scrambling in pennsylvania. but first, liberal leave. no it's not progressive exodus from politics. that's washington speak for unscheduled leave during snow days. used to be a fun little joke at the hotline, you know, on liberal leave day, it means only liberals could leave. and oh, that hotline humor. >> but we're not in liberal leave this morning. government is shut down. this is "the daily rundown." by the way, howard moreman of c-span, that one was for you. decisions, decisions. which beneful prepared meal tonight? roasted chicken recipe? - savory rice and lamb stew. - [ barks ] you're right. tonight is a beef stew kind of night. [ announcer ] beneful prepared meals.
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in the west. here are the top stories we're following right now. an american member of the international security assistance force was killed this morning after an explosion in southern afghanistan. a second isap service member was killed in a separate insurgent attack in the eastern part of that country. hundreds of los angeles residents have been ordered to evacuate their homes in preparation for more storms and mud slides there. the foothills north of pasadena have already seen up to a foot of mud surround houses and destroy dozens of cars. michael jackson's former doctor, conrad murray, has posted $75,000 bail after being charged with involuntary manslaughter in the death of the singer. and tonight will be jay leno's last 10:00 show. leno and his crew will officially make the move to 11:35 p.m. east coast time after the winter games. now to chuck and the 2010. >> thank you, savannah. a special election brought john murtha to the house of representatives pack in 1974 in
the wake of watergate. now after murtha's death yesterday at the age of 77, believe it or not, they're already talking about a special election that's going to have to be held to replace him. once the vacant seat is declared, the pennsylvania governor, in this case ed rendell, has just ten days to call a special election, and that special must be held within 60 days, two months. right now that means it's probably going to be scheduled for may 18th. that is the same day as pennsylvania is holding its primaries for both state and congressional offices. murtha's death puts democrats on the defensive in this southwestern pennsylvania district, which is for the first time since he won the seat, 36 years ago. the 12th district was the only district in the nation that voted for democrat john kerry in 2004 and switched and voted for republican john mccain in 2008. look, it was very close in 2004, kerry beat bush just 51-49 in the district. mccain beat obama by less than 1,000 votes in the district. it's a classic swing district. there's legacy union workers in
here, but also those swing white working class voters that you hear a lot about. in 1974, the special election that brought murtha to congress was one of five that year, and they were all seen as early signs of just how politically damaging watergate would be to the republican party. well, murtha's death means republicans now are going to be contesting this special election in pennsylvania, in a seat that has been held by democrats for three decades. and it's a test for the republicans to make the case that somehow this could be a sign of things to come in november of 2010. a really big test for the national republican congressional committee, who's not done well in any special election so far this year. lost those two in upstate new york. they really need to win this one to just regain the confidence internally inside the party. moving on, meanwhile, the next big date circled on my calendar is march 2nd. that's the day of the texas primary. and while much attention has been focused on the back and forth between rick perry and kay bailey hutchison on the
republican gubernatorial side of things, former houston mayor, bill white, has been able to run a relatively low-key campaign in the democratic primary, even positioning himself ideologically to make him more electable in the fall. and that was on display last night as he took on the only other name on the democratic side, haircare entrepreneur, farouk shami, inventor of the chi hair straightner. he has already poured $5 million into his own campaign. jobs and borders were on the agenda. take a listen. >> i will guarantee everybody's job. i am guaranteeing 100,000 jobs in the first two years, or i will give the state $10 million. it is a human right for us to really create jobs on the border and take care of the border in the most human way, in a most friendly way, because as i said, mexico is our best neighbor. why we don't have a wall between
the u.s. and canada. >> well, i'll tell you, under the constitution, the federal government has a principle responsibility for protecting our borders and they're failing us. >> very helpful to bill white, actually, to have this primary opponent, because it does allow him to run to the right in a primary that he's expected to win pretty handedly. rick perry said yesterday, by the way, that he wants predator donees, those unmanned predator donees on the border of afghanistan and pakistan, he wants them on the border of texas and mexico and has requested them from the department of defense. and finally, if it's tuesday, that means somebody is voting somewhere. and that somewhere today is washington state. the state has an $8 billion budget shortfall. it's one of the ten largest in the country. and that prompted governor christine gregoire to suspend teachers' pay increases and other education initiatives. so today, residents will decide whether to offset those cuts by renewing funding measures in 164 separate school districts around
the state. so these levies are funded by property taxes and would go towards things like textbooks, building maintenance, and technology upgrades. they're usually pretty popular, especially in cities like seattle, which hasn't voted against a school funding initiative in more than 15 years, but these tough economic times has voters wary of any spending increase by a government entity and some parents have launched campaigns against parts of these measure, arguing that a levy is a quick fix for a much bigger economic problem. plus, this special election is 100% mail-in, which probably means turnout will be a lot higher than usual, as voters get those ballots to them and really have no reason at all not to send them back. so, savannah, one of these tests to see if this anger at government and lack of trust in government will translate into somehow cutting off funding for schools. a fascinating little test. >> we'll see. thanks, chuck. coming up, inside the collapse of insurance giant aig. did goldman sachs drive the final nail in the coffin? plus, south carolina's first
lady, jenny sanford, on the art of not standing by your man. but, first, today's trivia question from the mind of chuck todd. name the four schools that have produced both a president and a winning super bowl quarterback. if you get more than one, you can consider that a touchdown. you're watching "the daily rundown," only on msnbc. a rich and airy treat. ♪ because after you've washed the bills... and paid all the dishes... it's finally me o'clock. enjoy it with mousse temptations. three decadent flavors. 60 calories. it's me o'clock. time for jell-o. among dermatologists? one reason, lubriderm® daily moisture contains the same nutrients naturally found in healthy skin. lubriderm® moisture matches the moisture in your skin. skin accepts it better.
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but no snow day for some congressional leaders. next hour, the top five members of the senate and house will be at the white house. they had this obesity event, and the president was concerned for the pool, and he said, i don't want them to freeze out there, and then waited and said, don't track any snow in here. >> they don't make it very easy. concerned, but more concerned about the carpet. moving on, when insurance giant aig was teetering on the brink, did goldman sachs somehow push them over the edge? you know, this anti-goldman stuff is everywhere, worldwide these days, even connected to greece. >> and now there's even more to fuel it as the securities and exchange commission is examining goldman's role in aig's collapse, which led to largest u.s. bailout ever, $180 billion. louise story is with "the new york times." she and her coworker wrote this story about the dispute between
goldman and aig. louise, lay it out for us. as i understand the these of your story, goldman essentially asked aig to pay up. goldman had insurance policies, basically, with aig. and it seems your story is suggesting, perhaps, that is what started to push aig over the edge. >> that's right. we examined internal documents from aig in its last year of independence, the year before the bailout. and starting in july of 2007, goldman became incredibly aggressive with demands nor payme for payments. the deal that goldman and other wall street banks had with aig were insurance policies, but goldman was pushing very aggressively for a lot of payout before it was really clear what these bonds and these deals were really worth. and they got money. they got a lot of money from aig. and some people think that really helped push aig over the edge. >> now, louise, this, of course, part of the congressional investigation that has gone on, particularly on the house side, has had to do with this idea that somehow aig and goldman,
and this was back when timothy geithner was head of the new york fed, that it was known that aig's biggest problem was going to be dealing with goldman and that there was concern about goldman failing at the time, which is what led to the aig bailout. did you find any connection there? congress seems to be sniffing around this fact. how much of -- how much evidence are they going to find? >> congress has looked a lot at the decision of the government to pay 100 cents on the dollar for all of these deals to these banks. what they haven't looked at yet is the money that went from aig to these banks in the year before aig collapsed. that's what we looked at. and from that, you can see that that's really the start of the problem that comes and helps contribute to aig's collapse. >> but, louise, let's take a step back here. i mean, goldman bought insurance from aig, did it not? what's wrong with it asking for repayment if it's concern, if it's within the confines of its
contract? isn't that a good business practice by goldman to be protecting itself? >> absolutely, goldman has a responsibility to its shareholders to protect them. the question is, were goldman's prices too low? we discovered a lot of unusual behavior, like, the feeling at aig that goldman was pushing other banks to also issue demands. also, goldman's prices were consistently lower than other banks. and though prices did come down, they have since gone up. so goldman's low prices are no longer what these things trade for in the market. the question is, did they push too hard and were they too aggressive? >> all right. well, louise story, that was a fascinating read yesterday and something that i'm sure you're keeping tabs on, moving forward. the goldman name keeps popping up in every, it seems, economic crisis these days. thanks so much. >> thanks, louise. okay, now to my trivia question. really, it's one of those great bar questions. >> for you. >> name the four schools that have produced both a president
and a super bowl-winning quarterback. well, it starts with roger staubach, navy. michigan produced gerald ford and tom brady. stanford produced jim plunkett and herbert hoover. and one that trips up everybody, miami, ohio, produced a president, benjamin, and another big ben, ben roethlisberger. >> think how party you'll be at the next party. let's do the mash now, the best of sound bites from the past 24 hours. south carolina first lady, jenny sanford, is on a media tour for her new memoir, "staying true." she told "morning joe" she gave her ex-husband more chances than he deserved. >> there's nothing i can do to take the blame away from mark. he's responsible for the actions and choices he made, but this has no question that the day he was elected to congress, he began a different kind of a
life. >> anybody that's known mark before this would tell you, even if they love him, he's a quirky guy. >> he's a quirky guy. and it's so funny, people are saying to me, all these stories about the spending, that's who he is. and most guys wouldn't ask their permission to see their lover, either. let's throw that one in there. >> those stories, always, when everybody's writing books -- >> do you have to write a book? >> i know. anyway, we're moving on. ever since the letterman/leno commercial aired during the super bowl, everybody's been talking about it. even letterman's mom. take a listen. >> my mom called me today from indianapolis, and she watched the super bowl. and mom said, david, who was the guy with oprah and jay? >> nice. and stephen colbert is defending sarah palin's handy crib sheet, saying her use of notes shows she's not like those elites who use their memory. >> it's bigger than any king or
queen of a tea party, and it's a lot bigger than any charismatic guy with a teleprompter. >> ha-ha hah, ha-ha, ha, ha-ha, ha. >> well, he also had a little fun with the hand. >> people couldn't resist. >> i mean, taking notes doesn't seem that big of a deal. >> but it is on your hand. >> on your hand, mostly a fourth grade activity. >> yes. >> but taking notes is fine. coming up, the free breakfast free for all. plus, president george w. bush returns to the spotlight in billboard form. the question is, who put it up? and as the dow dives below 10,000, what are consumers to do? first, you've been waiting for it, the white house soup of the day. the white house mess is open, it is serving french onion today.
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so ask your doctor about nasonex. [ female announcer ] and save up to $15 off your refills. go to nasonex.com for details, terms and conditions. ♪ stuck in the middle with you that's how i feel every day, stuck next to savannah. just kidding. >> he doesn't mean it. >> my dream scenario, in 1825, the house of representatives elects john quincy adams president after no candidate received no majority of the electoral votes. some day we'll use all of the constitutional rules. >> your whole life has been in preparation of that moment. >> we almost got there in 2000 and the supreme court got in the way. come on! it's when one vote in delaware is worth the same as one vote in california. >> we live in anticipation of
that. in the meantime, all eyes are on wall street this morning, where investors have managed to push the dow back over 10,000. when it hit the mark last fall, investors hoped it meant economic recovery was imminent, and if not permanent, hope to stay for a while. >> by slipping back into that four-digit territory on monday, it raised question about whether the economy is even shakier than we thought. michael farr is a money investor with farr, miller, and washington. so this is the confusing things for folks, whether they have 401(k)s, already a little jittery over their retirement accounts over the last couple of years. the fact is, the u.s. economy isn't what's moving the dow right now, it's the shaky european economy, is it not? >> it is. it's actually a little bit of everything, and certainly that shaky european economy and particularly what's going on with greece, but we've had a 70% run from the march lows. we've seen the market really move up a great deal and recover a great deal. we saw it close -- we saw
intraday last week twice below 10,000, saw it close below 10,000. a little bit of a pullback after that sort of a run is certainly to be expected, i think. >> do you see anything that is more ominous, where it could be heading in a downward trend on a more permanent basis? >> you know, the permanentsy of what we're seeing right now is the big question. we've seen trillions of dollars come into the economy and markets and it sort of reinflated the economy and reinflated the markets. that's been a good thing. end-user consumer demand, the consumer who is two-thirds of the overall economy, hasn't really expanded again. hasn't really begun that buying binge again, and i think it could be a while, as they pay down debt and as they try and get jobs again, to really recover. so we're in this period where the government's provided money to keep the markets up and now we need the consumer to come in. and in the middle of this sort
of waiting game that we're playing, we're seeing pleasure still from around the world. so for investors, i think it's very important to remain cautious. >> so what is cautious mean? does it mean totally diversify? i mean, we see, it looks like people are trying to politically take advantage of things and push cold, for instance, and all of a sudden, it almost inflated that, where people are saying, there's a gold bubble. so what do you do? i mean, some people are just moving like gold or other commodities. do you do that or what kind of diversify? >> well, bill miller from legg mason has one of my favorite lines and that is people always want to invest in whatever has worked best for the last five or six years. warren buffett says it a different way. warren buffett says americans are funny. they love to buy things when they're expensive and hate to buy them when they're cheap. i think gold has run up a whole lot right now. clearly it's gotten very expensive. i think if you kind of stay the course and ride the blue chip
stocks, don't try to trade in and out, and figure out what your goals and what your risk tolerance is. i mean, how'd you do last march? did you really panic? would you have been okay if the market had stayed there for a while? figure out what your risk parameters are but really try to stay the course in good, solid stocks and don't chase the latest trends. >> real quickly, we have to let you go, but does the dow dipping below 10,000 again -- i know it's back up for the moment -- does it portend something about our economic recovery? is it not all that meets the eye? is it not as strong as people may be hoping? >> i think it's artificial, as a matter of fact. i think that we are -- the recovery we've seen so far has been on government dollars and on inventory rebuilds and that needs to be sustained by the consumer sooner or later. and i think that ultimate transition is going to take some time. the jury is still out. while the jury is out, remay cautious. we could see and you should expect further weakness ahead.
n not horrible but further weakness. >> you give advice that says don't panic. >> don't panic. >> okay. >> nobody yell at us at our tv screen telling us what to buy or sell. >> michael farr, thank you. coming up, a billboard mystery brews in minnesota. >> who dat nation gears up for a saintly celebration. it is going to be awesome. we're dipping our toes in "the shallow end." (announcer) the #1 prescribed acid reducer brand over the last decade... ...is now over the counter at walmart as prevacid 24hr - to treat frequent heartburn. over the counter. unbeatable prices. talk about a relief. save money. live better. walmart. at a weight watchers meeting you can get the life skills
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before we go, we will dip our toe in the shallow end. the mysterious billboard in minnesota is causing a whole lot of rubbernecking. it shows a picture of former george w. bush with the words "miss me yet? "the question is, who paid for this? no one is claiming responsibility for putting up the cash for that ad. interesting. and speaking of ads, listen
to this. ♪ >> ah, those screaming chickens. it's because of all the eggs denny's is planning to use while it gives away grand slam breakfast today. i feel guilty about that. >> the chickens bothered me during the super bowl. cheap ads. the chickens sort of scared me. >> millions of people are expected to stand in line and wait for a breakfast that typically costs less than $6. hey, why not? people are lining up in new orleans to celebrate the saints' super bowl win. this carnival style parade kicks off this afternoon around happy hour at the superdome. the team will ride floats as they parade through town. it's believed to be the first time the crews have ever combined their floats in one
parade. mardi gras starts today, local time, where it's always happy hour. >> or maybe it started sunday. that's it for "the daily rundown." up next david shuster and don't forget andrea matsitchell at 1:. here's your business travel forecast. a big storm in the center and eastern parts of our nation. if you're heading to new york, today should be okay. it's tomorrow when things get messy. i do anticipate some problems in the way of air travel. some delays possible. minneapolis, 24 with snow. [ lighting a match ]